Bitwise CEO says Bitcoin wants higher after Strategy BTC sale

Bitcoin recovered after Strategy disclosed a sale of 3,588 BTC for about $216 million. 

The move caused a brief pullback, but the token later moved back toward the $63,000 area, showing that buyers returned after the first reaction.

Bitwise CEO Hunter Horsley summed up the move in a short post. Horsley said on X, “Bitcoin wants to be higher.” His comment came as traders watched whether Strategy’s sale would create wider pressure in the market.

At the time of writing, BTC traded around $63,200, with an intraday high near $64,435 and a low near $61,350. Strategy shares traded near $100.77, after opening around $95.04.

Strategy sells BTC to fund dividends

Strategy sold 3,588 BTC to fund dividends tied to its Digital Credit securities. The company said it still holds 843,775 BTC and $2.55 billion in U.S. dollar reserves after the sale.

Michael Saylor said the sale was linked to dividend funding, not a full exit from the company’s Bitcoin plan. The size of the sale drew attention because Strategy remains the largest publicly traded corporate Bitcoin holder.

The latest sale followed a smaller sale earlier this year. As previously reported, Strategy sold 32 BTC in late May to support preferred stock distributions. That sale was small, but it challenged the market’s view of Strategy as a strict buy-and-hold Bitcoin vehicle.

New capital plan changes the market view

Strategy’s latest sale fits within its broader Digital Credit Capital Framework. The framework allows the company to monetize up to $1.25 billion in Bitcoin under certain conditions.

The company said proceeds may support cash reserves, preferred dividends, interest costs, and buybacks. Strategy also raised the annual dividend rate on STRC perpetual preferred stock to 12% from 11.5%.

The shift has changed how traders view Strategy’s treasury model. The company is still a large Bitcoin holder, but it now has a clear path to sell some BTC when it needs liquidity. That makes every sale important for market sentiment, even when the sale is small compared with its full reserve.

Bitcoin traders watch ETF flows and macro data

Bitcoin’s recovery suggests traders did not treat the sale as a broad exit signal. The asset remains sensitive to spot ETF flows, leverage, macro data, and expectations around U.S. interest rates.

Recent weak U.S. jobs data has increased market hopes for future Federal Reserve rate cuts. Lower rate expectations can support risk assets, including Bitcoin, when traders expect easier financial conditions.

Still, the market remains cautious. Strategy’s sale showed that even long-term corporate holders may use Bitcoin as a liquidity source under new capital plans. For Bitcoin, the next test is whether demand from ETFs, long-term holders, and dip buyers can absorb future treasury sales without sharper price moves.